PHOENIX — Home price growth in metro Phoenix is sinking like a lead balloon.
For nearly three years, Phoenix had led the nation in home price growth until March, when the metro dropped into second place. It's been on a steady decline since then, dropping to No. 7 on the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released on Oct. 25.
Year-over-year home prices grew 17.1% in August in metro Phoenix, still tracking higher than the national gain of 13%. Miami and Tampa, both in Florida; and Charlotte, North Carolina, reported the highest year-over-year gains in August, with year-over-year price increases of 28.6%, 28%, and 21.3%, respectively.
The average home price in August in metro Phoenix was $335,710, down 2.1% from July, according to the report.
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